Dealing with financial issues can be very stressful. When money is tight, finding ways to stay above water can prove to be very taxing. At the same time, marriage can change this dynamic. By exchanging vows, people also entwine their financial lives. As such, disagreements over money can become the source of tension and lead to talk of divorce.
A financial observer for Money Wise noted that “financial stress” is the top reason why people get divorced, rising to the top of a lengthy list of explanations. Not only do money-related issues influence the decision, but they can also impact the timing of divorce.
The most recent economic recession affected nearly every person — in some way. Many financially secure people lost their jobs and value in their assets and property. Now that the economy is beginning to rebound, there may be a bit more breathing room for some people. As such, people might adjust their behavior accordingly.
A forthcoming study from “Population Research and Policy Reviews” notes that a growing economy may be causing an uptick in divorce filings. As the recession diminished equity in homes and the strength of other assets, people may have been hesitant to divorce.
Now, however, as there is more stability in the economy, married people might be changing attitudes toward splitting up. In fact, the previously mentioned study notes that the national divorce rate among women dropped during the downturn, but began to climb upward in 2010 and 2011 when the economy began to turn around. Family law officials in California have also noted this trend.
Even though the economy is changing, the stress caused by money may not have. Just as money problems caused people to shy away from divorce, they can persist as individuals look to move forward with marital dissolution. Knowing what level of stress financial issues can create, it might be worth noting that a collaborative divorce process could help ease this pressure.
Source: TheIndyChannel.com, “Study shows divorce cases are up as economy recovers,” Carlos Correa, Feb. 6, 2014